Cash out in cincinnati

[Alan Zee]

Hi All, 

I just purchased 2 properties (duplex and 4-plex) for cash about 2 month ago in Cincinnati and like to cash out refi to invest in bigger deals. I am in NY. Anyone know of any lenders/brokers that works with out of state owners ? 

[Ryan Evans]

I've got a friend who I believe is working with Key bank from out of state. Probably not the first choice for most, but they are based in OH, so at least understand the local landscape. I think you're likely to get better terms if you let the property sit for 6 months or so with tenants in it. 

[Jorge Barboza Jr.]

Hey @Alan Zee I do not, but would love to hear how you got those deals and how they are working out for you so far? I am considering investing in Ohio and would love to hear more about your adventure. I have some capital and would like to get it working for me.

[Ryan Evans]

I've got a friend who I believe is working with Key bank from out of state. Probably not the first choice for most, but they are based in OH, so at least understand the local landscape. I think you're likely to get better terms if you let the property sit for 6 months or so with tenants in it. 

[Alan Zee]

Thanks Ryan I've tried several regional banks but they don't work with out of state owners. Haven't tried Key bank yet, but I'll give them a try.

[Alan Zee]

Jorge, it all depends on what your investment goals are. Cincinnati RE market doesn't appreciate like NY or California. But the cap rates are really attractive. If you haven't been to Ohio, you should go and visit and network with local RE brokers. That's how I got my deals. 

[Alex Holt]

hey I am just curious so I know for my out of state investors did you find a bank to do a refi yet ? @Alan Zee

[Alan Zee]

i reached out to a few banks but so far nothing. They either don't work with out of state owners or don't lend to LLC @Alex Holt

[Alex Holt]

@Alan Zee I’m sorry to hear that I’ll check around and see what I can come up with as far as lenders for you I will

Ask around . 

[Alex Holt]

@Jorge Barboza Jr.let me know if your still looking and what your looking for I am you man in ohio